CVS was incorporated by a friend in 2003. I joined the company the same year to work on a custom solution for a money exchange retailer. 2003 was a difficult year for me as I was going through a divorce settlement and practically broke. They say one can function better under pressure; I think I experienced that first hand, lots of coding, lack of sleep, stress, no money, and voila…a few months later CurrencyXchanger was born. I became President and CTO of CVS in 2008. I’m still actively involved in the software architecture and programming every day.
What is it that your company wishes to provide people from all around the world with and how do you market your business?
We develop, sell and support accounting and POS software specifically designed for the money exchange industry. Our customers range from small money exchange offices with 1 computer in an airport to multi-national banks.
Our marketing has been passive over the years; I hope to change that in 2015. We’ve had always potential customers knocking on our door asking for a demo of our products. I strongly believe in SEO and I believe we owe most of our business to customers searching for terms like ‘currency exchange software’ or ‘money exchange software’ which we come up first on Google. We do a bit of online and PPC marketing too but our total budget for is less than $20K annually.
Where do you see the future of your business in the next 3-5years?
My vision since day one was to make CVS the number one provider of money exchange software in the world. I still think we can achieve that status in 3 to 5 years. We are planning to bring more global sales partner on board. We have a new financial product that we are working on and it will complement our core business.
We still have a long way to go and grow. This is just the beginning and we have made some big plans for the next 3 years.
What are the advantages of using CurrencyXchanger compared to other solutions on the market?
Our product is an all-in-one solution that offers front-end POS and back-end accounting, compliance, and management tools. Our accounting module is the most comprehensive multi-currency accounting of any of our competitors. We are the only solution that can be deployed offline with cloud-synching capability. Our product is fully customizable. We release a new version every quarter whereas most of our competitors take 1 to 2 years. We have the best reviews on Capterra’s site and we have over 60 training videos available for free on YouTube. These are some of the reasons that make us the best choice.
If you could leave our readers with one last piece of business advice, what would it be?
I know this sounds very cliché, but the reality is that it takes vision, a lot of hard work, and occasional fails to build a business. Failures are an undeniable part of the DNA of every success story. I guess no one likes to talk about their failures as it bring back the stress and agony they had to sustain.
I would like to mention that we owe a lot of our success to business partners and hard-working individuals working in the front and back rows. I would like to thank two colleagues and partners of mine, without whom, CVS wouldn’t be here today: Houman Tag our technical support guru, and Barclay Berry, our senior 4D Developer. I also would like to thank my business coach Scott Ward of habitstack.com for making sure that I follow my dreams and work hard enough to get there.